shaun4860 Posted September 22, 2012 Report Share Posted September 22, 2012 That's an easy question . I've walked away from society in some respects . We now live on a narrowboat . Very small bills ,no council tax low running costs . Means we can chuck loads of money in the bank and still live the good life . I'm 42 now and plan to retire at 50 . Then it lasts as long as it lasts . So do you need a river license? have you permanent mooring? cost if its not too cheeky... always fancied this type of thing Quote Link to comment Share on other sites More sharing options...
Bloke Posted September 22, 2012 Report Share Posted September 22, 2012 (edited) Already drawing my pension, not rich, but comfortable. Mortgage paid, no car, 7 years till my State pension kicks in - provided they don't up the age before then, or I don't kick the bucket . 40+ years work, hoping to get the same no of years retirement - so far so good! Despite what some have said, it is worth putting money away somewhere, the days sure get long without money to enjoy yourself... Edited September 22, 2012 by Bloke Quote Link to comment Share on other sites More sharing options...
amateur Posted September 23, 2012 Report Share Posted September 23, 2012 As Bloke above, except that I am building a very successful part-time retail and network marketing business, which provides the cash to enjoy myself. I plan not to use the state pension when it kicks in except to squander it on the grand-kids Quote Link to comment Share on other sites More sharing options...
stokie Posted September 23, 2012 Report Share Posted September 23, 2012 So do you need a river license? have you permanent mooring? cost if its not too cheeky... River licence £650 diesel £300 gas £75 logs free marina if you want it £2000 ( but don't have to ) boat insurance £145 blacking every 2 to 3 years £450 and that is it We live on a really posh marina £2100 for the year and have electric hook up . Last year I used £90 worth because most of the stuff we run is 12 volt . We even got sky tv . It ain't roughing it , it's just a different way of life always fancied this type of thing Quote Link to comment Share on other sites More sharing options...
stokie Posted September 23, 2012 Report Share Posted September 23, 2012 I have no idea how I managed to add my own reply into your post Shaun Quote Link to comment Share on other sites More sharing options...
jasper3 Posted September 23, 2012 Report Share Posted September 23, 2012 I did wonder if a pension was the be all and end all of things ....... I guess they are great if you don't become ill my dear old mum worked all her life as a nurse, reaching the same rank as matron, she saved hard and bought a 2nd house to get a little extra income, sadly she now has Alzhimers and the care home takes all her pension and the rent she now gets from both houses... her twin sister who is also with mum with the same condition get her care free..she signed over everything to her kids over 7 years ago .......... I guess the bigger your pension, the less they can take from the house stay healthy folk Quote Link to comment Share on other sites More sharing options...
bullet1747 Posted September 23, 2012 Report Share Posted September 23, 2012 Just to get to spend one would be good for me Quote Link to comment Share on other sites More sharing options...
scolopax Posted September 23, 2012 Report Share Posted September 23, 2012 Live fast die young ??!! I really do not know what my pension provisions are, nearly always had a company pension and after changing jobs a handful of times I have several bits of pension in several places, maybe I need to find out what I have where and consolidate? A couple of the jobs did not last long, six months or a year, but I remember I paid into a company scheme and did nothing about it when I left, guess those bits of pension are still somewhere even after 15-20 years? Now I qualify for Norwegian state managed pension, don't quite know how it works but my colleagues tell me it is good, non contributory, my company pays in on my behalf. Apart from that I bought a second house a few years ago, still empty, should really try and get it let out! Decided I am useless at property related stuff, bricks and mortar,not interested, I just want to go out shooting and keepering, so am looking out for a few acres of land to play around with, dig a pond, plant trees, no income , but at least it will be an asset. Quote Link to comment Share on other sites More sharing options...
Muggins. Posted September 23, 2012 Report Share Posted September 23, 2012 Nothing is guaranteed. With the governments tax, tax, tax, grab, grab grab mentality nothing is sacred. I have a couple of pensions but it`ll never be enough to live on so i haven`t a clue what we`ll do. Old age life of crime i suppose .................... Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted September 23, 2012 Report Share Posted September 23, 2012 I have no idea how I managed to add my own reply into your post Shaun Me neither but thanks for that, biggest question though is the cost of a decent boat? Quote Link to comment Share on other sites More sharing options...
stokie Posted September 23, 2012 Report Share Posted September 23, 2012 Me neither but thanks for that, biggest question though is the cost of a decent boat? Mine is an absolute minter 2003 cost me £47k Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted September 23, 2012 Report Share Posted September 23, 2012 Wow, not cheap then, I was expecting around the 20k mark I did enjoy watching this series http://www.bbc.co.uk/programmes/b01cmbc8 although it was a Dutch barge Quote Link to comment Share on other sites More sharing options...
Marcus Posted September 23, 2012 Report Share Posted September 23, 2012 As a Financial Services 'Lifer' I found this thread quite interesting to read. I am left mainly with a feeling of dispair............the pensions crisis is alive and well in the UK Quote Link to comment Share on other sites More sharing options...
storme37 Posted September 23, 2012 Report Share Posted September 23, 2012 http://www.youtube.com/watch?v=MfnpZhJ8exQ Quote Link to comment Share on other sites More sharing options...
V8 90 Posted September 23, 2012 Report Share Posted September 23, 2012 I work for Total & have a final salary pension - if it survives !! We have a rather nice bungalow that's worth over £300k (no mortgage) I plan to retire at 56 & then down size at around 60 so all things been equal etc should be "comfortable" Quote Link to comment Share on other sites More sharing options...
Amazed Posted September 23, 2012 Report Share Posted September 23, 2012 I have two houses for rental income so they will be payed off in a few years. No pension to speak off every time I join one it folds so I gave up lol. Am thinking of storing coal cos by the looks of things by the time this finacial debarcal is sorted it will of all turned to diamonds ha ha ha Quote Link to comment Share on other sites More sharing options...
jonno 357 Posted September 24, 2012 Report Share Posted September 24, 2012 Got 26 years Defined Benefit Company pension in before it went belly up like most have and is frozen now till retirement. Didn't bother with a DC one so I did made a decision and sold my house, made few shekels on it and bought a 5 bedroom house this January. It was very dated (1970s) gutted the house room by room and modernized it. Worked to a tight budget and the forecast on the resale is £35K - £50K at the end of October this year when it will be completed Its been hard work fitting in a full time job and house renovation so my spare time has been limited. IE its 5.30 am just worked 60hours on nights and now have 4 days off but will be back on the house this afternoon There is plenty of scope of there to make money is just about having the ******** to do something about it !! Im not even thinking about pension Im still a spring chicken got 20 plus years to do before I get to that. Might have even carked it by then Quote Link to comment Share on other sites More sharing options...
Marine1980 Posted September 24, 2012 Report Share Posted September 24, 2012 I was thinking of cutting a couple of inches off the barrels off my shot gun and walking round several shops and banks in a silly fancy dress out fit! I don't know why but people seem to like the fancy dress that much the last time I did it they kept giving me all their money!! In all serious though I'm 32 and the state pension will not exist when I reach the age I need it so 50% of my wage goes into a couple of off shore accounts! Royal Quote Link to comment Share on other sites More sharing options...
AVB Posted September 25, 2012 Report Share Posted September 25, 2012 I am amazed, and somewhat impressed, how many people have invested in rentsl properties. I missed the boat in the crazy days of massive house price inflation. I have done the sums a number of times more recently and, whilst the yield is OK, I am not convinced it is worth the hassle. Anyway that's while I'm poor and you lot are rich. Quote Link to comment Share on other sites More sharing options...
rocksaplenty Posted September 25, 2012 Report Share Posted September 25, 2012 I am amazed, and somewhat impressed, how many people have invested in rentsl properties. I missed the boat in the crazy days of massive house price inflation. I have done the sums a number of times more recently and, whilst the yield is OK, I am not convinced it is worth the hassle. Anyway that's while I'm poor and you lot are rich. The best investors are those with ‘fresh’ eyes. The problem is that everything is deflating and there doesn’t seem to be much else to invest in. To be honest I can see that in the future society’s needs are going to be: shelter, food, coffee shop, gym, internet… and that is all! Quote Link to comment Share on other sites More sharing options...
al4x Posted September 25, 2012 Report Share Posted September 25, 2012 The investing was easy when banks were throwing money at them however a lot of buy to let investors have gone to the wall simply by pushing things to the limit and buying the maximum number of houses with the minimum deposit. Then mortgage rates have increased and slowly they have gone pop, its why we have the one thats bought outright and will buy another when we have most of the money together. It will also be one in need of renovation and have a complete update so in theory the asset value goes up straight away. I don't subscribe to the offsetting mortgage costs against profits as you simply pay the bank more I'm happier paying some tax on the rental income and knowing the house is there no costs going to go up, no mortgage company going to get the **** and turn the screws. If its empty between rentals then so be it I'm not being squeezed for payments. Ok we may not build up a large portfolio on paper this way but our risks are nil. AVB its an interesting one but round here its reasonably expensive to do the yields are still above putting money in the bank and you still have the asset at the end of the day if you want to sell. Capital gains may be payable but these days its looking less likely we will see massive gains in prices, fundamentally its the choice between paying an investment manager to manage your money in a pension or do it yourself in alternative ways. This way I can always get the money back and it shows a yield, the only way its going down is in a property crash which round here is less likely at the low end of the market and still I don't need to even think of selling for 30 odd years so really its fairly irrelevant. Were we to see a decent crash thats when I'd think of mortgaging more to try and buy some cheap but its a pipe dream. Quote Link to comment Share on other sites More sharing options...
four-wheel-drive Posted September 25, 2012 Report Share Posted September 25, 2012 I am amazed, and somewhat impressed, how many people have invested in rentsl properties. I missed the boat in the crazy days of massive house price inflation. I have done the sums a number of times more recently and, whilst the yield is OK, I am not convinced it is worth the hassle. Anyway that's while I'm poor and you lot are rich. People will argue otherwise but I still think that a lot to do with the huge jump in house prises was down to cheep mortgage and people buying to rent to much demand pushes the price up. Having said that it dose seem to me to be a safe way of getting a guarantied pension even if the value of the house goes down you are still going to get your rents in which is more than can be said for letting a bank gamble with your money and hope that they do not loose it. Quote Link to comment Share on other sites More sharing options...
Cosd Posted September 25, 2012 Report Share Posted September 25, 2012 The investing was easy when banks were throwing money at them however a lot of buy to let investors have gone to the wall simply by pushing things to the limit and buying the maximum number of houses with the minimum deposit. Then mortgage rates have increased and slowly they have gone pop, its why we have the one thats bought outright and will buy another when we have most of the money together. It will also be one in need of renovation and have a complete update so in theory the asset value goes up straight away. I don't subscribe to the offsetting mortgage costs against profits as you simply pay the bank more I'm happier paying some tax on the rental income and knowing the house is there no costs going to go up, no mortgage company going to get the **** and turn the screws. If its empty between rentals then so be it I'm not being squeezed for payments. Ok we may not build up a large portfolio on paper this way but our risks are nil. AVB its an interesting one but round here its reasonably expensive to do the yields are still above putting money in the bank and you still have the asset at the end of the day if you want to sell. Capital gains may be payable but these days its looking less likely we will see massive gains in prices, fundamentally its the choice between paying an investment manager to manage your money in a pension or do it yourself in alternative ways. This way I can always get the money back and it shows a yield, the only way its going down is in a property crash which round here is less likely at the low end of the market and still I don't need to even think of selling for 30 odd years so really its fairly irrelevant. Were we to see a decent crash thats when I'd think of mortgaging more to try and buy some cheap but its a pipe dream. I'm with you on this one Al4x! I too work in this way having two 1 bed flats in decent parts of London which I let. They are currently on just over 50% mortgage to value loans, leaving a decent return yet able to handle any mortgage rate rises. The house we live in is in a healthy position too where I owe just under a third of it's value. I was on a "final salary pension" until we were outsourced to an Indian company, so even though I'm sitting in the same desk as I have done for the last 13 years, my pension scheme could not be replaced after the government stopped them!! I do have a pension but not relying on it at all as no one knows what it will be like in 15-20 years from now. Plan now is to make one more money move for the house we live in, buy fix and sell at some point; Buy one more rental property before downgrading the house we live in to a more than comfortable level allowing us to retire financially stable with cash and rental from three lets. I'm not fussed about taxes, yes a big chunk will be taken one day, but if all goes to plan my two girls will inherit 4 properties (mortgage free) setting them up well when I'm not here to look after them one day. Cos Quote Link to comment Share on other sites More sharing options...
four-wheel-drive Posted September 25, 2012 Report Share Posted September 25, 2012 http://www.youtube.com/watch?v=MfnpZhJ8exQ For me they are the most over rated group that there ever was and I was around when they first appeared in the 60s give me the stones any day. Quote Link to comment Share on other sites More sharing options...
al4x Posted September 25, 2012 Report Share Posted September 25, 2012 People will argue otherwise but I still think that a lot to do with the huge jump in house prises was down to cheep mortgage and people buying to rent to much demand pushes the price up. the first bit was definitely the case and why investors were happy putting 5% deposit down then when the house rose in value increasing the mortgage to buy more all fairly safe while money was easy to get and house prices kept rising. The slight drop and increase of mortgage rates has sorted a lot of these out which along with a lack of first time buyers has meant its a risky strategy these days. If you have a lump to put down though its a good time to invest but its not a time to bank on rising house prices you need to account for them going down. Whatever happens though you will still have a house to sell as long as you can repay the mortgage, we just bank the money from ours and forget about it, the blance grows and we'll buy another when we have enough, if I had a mortgaged one I'd plough the money into the mortgage without drawing much Quote Link to comment Share on other sites More sharing options...
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